Crypto Firm Layer1 Opens First Vertically-Integrated Bitcoin Mining FactoryFebruary 20, 2020
Bitcoin mining and factory development company Layer1 Technologies has started mining at its bitcoin factory in West Texas.
Layer1 claims to be the only US-based renewable energy, vertically-integrated bitcoin mining, technology and factory development company. Layer1 is on a mission to reinvent the business of mining and control every aspect of performance and cost, in order to strengthen bitcoin’s decentralization and improve the usage of renewable energy. Layer1 designs, produces, and operates its entire mining infrastructure, from proprietary ASIC chips and liquid-cooled mining containers to wholly-owned power development and procurement. The company is backed by VCs including Digital Currency Group, Shasta Ventures, and PayPal co-founder Peter Thiel, who participated in a $50 million round adding to a previous $2.1 million seed round.
In a press release, Layer1 announced that it has started mining bitcoin at its factory in West Texas via multiple 2.5-megawatt liquid-cooled containers. And in doing so, fulfilling their promise to deliver on its mission to pioneer renewable energy’s use in bitcoin mining.
In the coming months, Layer1 aims to scale up to 100 megawatts and exceed 2% of the total bitcoin hashrate, with a roadmap to reach 30% by the end of 2021. The company’s goal is to enable the US to offset China’s dominance in bitcoin mining and improve the country’s national security efforts for an asset class with the potential to be a reserve currency.
“We are already delivering on our vision of making Layer1 the world leader in vertically integrated, sustainable bitcoin mining,” said Alexander Liegl, co-founder and CEO, Layer1. “Our factory in West Texas is a game changer in bitcoin mining. The facility uses custom ASIC chips and patent-pending liquid cooling technology, that enables us to unlock warmer climates – where others cannot – and benefit from the world’s largest supply of low-cost, sustainable local energy.”
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